Proposal for a regulation
Article - 1 a (new) – point 1
Directive 2004/109/EC
Article 2 – paragrapg 1 – point pa to pd (new) and Article 18a
Article -1a Directive 2004/109/EC is amended as follows: 1. In Article 2(1) the following points are added: "(pa) 'financial instrument' means an instrument listed in Section C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments; (pb) 'securitisation' means securitisation within the meaning of Article 4(36) of Directive 2006/48/EC; (pc) 'structured finance instrument' means a financial instrument or other assets resulting from a securitisation; (pd) 'originator' means originator within the meaning of Article 4(41) of Directive 2006/48/EC; (pe) 'sponsor' means sponsor within the meaning of Article 4(42) of Directive 2006/48/EC;" 2. The following article is inserted: "Article 18a Additional information requirements for issuers whose structured finance instruments are admitted to trading on a regulated market 1. The issuer shall ensure that either the originator or the sponsor of a structured finance instrument established in the Union shall disclose to the public, in accordance with paragraph 4, information on the credit quality and performance of the individual underlying assets of that structured finance instrument, the structure of the securitization transaction, the cash flows and any collateral supporting a securitisation exposure as well as any information that is necessary to conduct comprehensive and well informed stress tests on the cash flows and collateral values supporting the underlying exposures. 2. The obligation to disclose information under paragraph 1 shall not extend to the provision of such information that would breach statutory provisions governing the protection of confidentiality of information sources or the processing of personal data. 3. ESMA shall develop draft regulatory technical standards to specify: (a) the information that the persons referred to in paragraph 1 are to disclose; (b) the frequency with which such information shall be updated; (c) the presentation of the information by means of a standardised disclosure template. ESMA shall submit those draft regulatory technical standards to the Commission by 1 January 2013. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. 4. ESMA shall set up a webpage for the publication of the information on structured finance instruments in accordance with paragraph 1."